Dublin, Nov. 02, 2022 (GLOBE NEWSWIRE) -- The "Frozen Fish and Seafood Market - Forecasts from 2022 to 2027" report has been added to ResearchAndMarkets.com's offering.
The frozen fish and seafood market is expected to grow at a compound annual growth rate of 6.28% over the forecast period to reach a market size of US$96.771 billion in 2027 from US$63.181 billion in 2020.
Frozen fish and seafood products are preserved and stored in vacuum-tight compartments and at freezing temperatures to minimize the growth of unwanted microbes and ensure fresh, quality products are delivered to the end-user.
With the transition towards hygienic and safe food preferences, customers are inclined towards safe quality and certified frozen food. As per the U.S Department of Agriculture (USDA), fish and seafood meat is preferred over chicken and red meat (mutton/beef/pork/lamb) for relatively high levels of protein, omega-3, fatty acids, and vitamins D and B-12.
Moreover, frozen fish and seafood are better than the fresh form as the freezing process of fish and seafood meat in modern industry is initiated to remain in its natural form so that the freshness is intact and does not provide time for bacterial growth. Also, the wastage can be minimized to a great extent with timely checks throughout the supply chain with easy handling making it less prone to seasonal changes.
Convenience for busy and higher-income earning groups is leading the retail demand for frozen meat
Considering the demographics and behavior of the working-class people, certain preparatory time constraints and irregular presence at home lead them to go for ready-to-be-served or on-the-go food. The frozen fish and seafood market can cater to the segment by launching meat categories to be baked or fried depending on consumer preference which can be economical in terms of money, time and effort. The surge in the world's population to urban and developed areas with an increase in disposable income increases the dependency on instant or on-the-go food categories.
The trend for such consumer behaviour seems to be on the long side, and considering the frozen seafood market, it can be stated that there would be regular demand because of its inelastic nature.
Companies such as McCain's Foods and its diverse product profile both in the vegetarian and non-vegetarian domain can serve as examples of meeting the demand for the food product without compromising on convenience.
Shortage of storage spaces at residences
As per the data provided by the World Bank, the families are shrinking in size and are now preferring to reside in small apartments requiring space for necessities to save on the maintenance of the property. It can lead to the demand for consumer products that can be accommodated in less space without hindering functionality or objectivity. If applied to the frozen fish and seafood market, there is a need for small portioned or customized packaging with a serving period of 2 days at most, as the consumers might not be willing to stack up.
The need for remote locations connectivity and the development of customer-oriented strategies stands as a challenge for the industry
With the global integration and the wide reach of technology, the customer base has expanded from cities and concentrated areas to distant and far-off residential areas such as counties or suburbs. To cater to such scattered target audiences worldwide calls for an effective and efficient supply chain. In the context of the frozen fish and seafood market, any technical mishap can result in the collapse of cold storage, which can result in mass wastage of the products.
Along with the above said technical challenges, the delivery process needs to be minimal and must adhere to ergonomics to ensure that the process is customer friendly. The advancements in retailing of cold food markets for longer product shelf life, increase in demand for ready-to-cook food, increase in working population, and preference for healthy and hygienic food habits globally are expected to augment the growth of frozen fish and seafood during the forecast period.
Segmentation
By Product type
- Fish
- Crustaceans
- Shellfish
By Distribution
- Offline
- Supermarkets
- Hypermarkets
- Online
By End-user
- Retail
- Hotels and restaurants
By geography
- North America
- United States
- Canada
- Mexico
- South America
- Brazil
- Argentina
- Europe
- Germany
- Italy
- Spain
- United Kingdom
- Middle East and Africa
- Egypt
- Saudi Arabia
- South Africa
- Asia Pacific
- Australia
- China
- Japan
- India
- Indonesia
- Thailand
Key Topics Covered:
1. Introduction
2. Research Methodology
3. Executive Summary
4. Market Dynamics
5. Frozen Fish and Seafood Market Analysis, By Product Type
6. Frozen Fish and Seafood Market Analysis, By Distribution Channel
7. Frozen Fish and Seafood Market Analysis, By End-User
8. Frozen Fish and Seafood Market Analysis, By Geography
9. Competitive Environment and Analysis
10. Company Profiles
Companies Mentioned
- Maruha Nichiro
- Thai Union Group
- Mowi (Marine Harvest)
- Trident Seafood
- High Liner Foods
- Leroy Seafood Group
- Labeyrie Fine Foods
- Stolt Sea Farm
- Surapon Foods
- Tassal Group
For more information about this report visit https://www.researchandmarkets.com/r/jvjn0s
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